ECONOMICS
MONEY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Yes
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No
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Sometimes
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These aren’t real things
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Detailed explanation-1: -A budget is simply a spending plan that takes into account estimated current and future income and expenses for a specified future time period, usually a year. Having a budget keeps your spending in check and makes sure that your savings are on track for the future.
Detailed explanation-2: -Financial statement of the year.
Detailed explanation-3: -Planning provides a framework for a business’ financial objectives-typically for the next three to five years. Budgeting details how the plan will be carried out month to month and covers items such as revenue, expenses, potential cash flow and debt reduction.
Detailed explanation-4: -A spending plan (also called a budget) is simply a plan you create to help you meet expenses and spend money the way you want to spend it. A good spending plan can help you stop “spending leaks”; in other words, it can keep you from spending money without thinking.
Detailed explanation-5: -A “Spending Plan” is similar to a budget, but a bit easier to manage and follow.